In the near future, vehicles will drive autonomously and machines will engage in business with other machines. These vehicles and machines are required to make and receive payments and to be included into the traditional financial systems. Current payment systems are not equipped for such scenarios because machines do not have a bank account or a credit card and existing banking infrastructure is too expensive and unable to handle instant peer-to-peer (micro)payment transactions. Alternative payment methods, such as cryptocurrency payments, fail because of volatility risks and compliance issues.
Our QUASAR solution enables instant and compliant peer-to-peer transactions and settlement between devices, businesses and people. With QUASAR, you are able to monetize the services offered by your devices, without needing any knowledge about digital wallets or blockchain technology.
QUASAR is offered as a cost efficient private permissioned Blockchain as a Service (BaaS) infrastructure. A comprehensive set of APIs enables you to quickly integrate the QUASAR functionality into your business processes. QUASAR was launched in Q1 of 2016 and relies on the robust Stellar protocol. PoCs and live applications with industry leaders like BASF, Porsche and UniCredit run on QUASAR.
The QUASAR architecture and setup are dedicated to corporate consortia use. You can build your own “virtual private payment network” in QUASAR. Such a network can operate as a prepaid model, as a credit card model or as a mix of these models. Each transaction on the QUASAR ledger is confirmed within 5 seconds. QUASAR’s processing rate is approximately 1.000 transactions per second.
QUASAR does not use cryptocurrencies. Instead, digital fiat currencies like Euros or Dollars are used and connected to the fiat world via SEPA settlement of digital transactions; micro transactions can be aggregated and integrated into financial backend systems, including SAP FI.
Also, IoT payments need to comply with regulation! QUASAR has an account role model called QBIC. This role model enforces compliant transactions and avoids that a washing machine is being used for money laundering.
Devices have their own digital wallets and hence are financially included into QUASAR. Through these wallets, these devices also get their own identity. QUASAR’s APIs and SDKs ensure fast and easy integration into your existing financial systems. Our processes are audited.
Our patented protocol SPUR enables payments to devices that are not connected to the internet. SPUR is integrated into QUASAR. Visit the SPUR website for more information.
QUASAR is developed by Quantoz, a Dutch award-winning, technology-driven company,
specialized in blockchain-based solutions. Quantoz, founded in 2015,
has successfully built real-life private and public blockchain applications,
for and with our customers.